Rosneft Enters Talks With BP Plc To Buy TNK-BP stake- Reuters

Reuters reported that Russian state oil company Rosneft had expressed its interest in buying BP's stake in Anglo-Russian oil firm TNK-BP and would enter talks with the British oil major. BP announced on June 1 that it would put its one-half stake in TNK-BP up for sale after a collapse in relations with the co-owners of Russia's No.3 oil company, a quartet of Soviet-born billionaires led by tycoon Mikhail Fridman. The AAR consortium representing the local shareholders expressed its interest in buying half of BP's stake, or 25% , in TNK-BP and has said it would be willing to pay $10 billion. Under the TNK-BP shareholders' agreement, BP should conduct 'good faith' negotiations with AAR. It can negotiate with other parties, but may not conclude a deal with anyone else for a period of 90 days.